Unsecured senior notes

12 Months Ended

Mar. 31, 2025

Unsecured senior notes

Unsecured senior notes

Unsecured senior notes

22.Unsecured senior notes

In November 2014, the Company issued unsecured senior notes including floating rate and fixed rate notes with varying maturities for an aggregate principal amount of US$8.0 billion (the “2014 Senior Notes”), of which US$1.3 billion was repaid in November 2017, US$2.25 billion was repaid in November 2019, US$1.5 billion was repaid in November 2021 and US$2.25 billion was repaid in November 2024. The 2014 Senior Notes are senior unsecured obligations that are listed on the HKSE, and interest is payable in arrears, quarterly for the floating rate notes and semiannually for the fixed rate notes.

In December 2017, the Company issued unsecured fixed rate senior notes with varying maturities for an aggregate principal amount of US$7.0 billion (the “2017 Senior Notes”), of which US$0.7 billion was repaid in June 2023. The 2017 Senior Notes are senior unsecured obligations that are listed on the Singapore Stock Exchange, and interest is payable in arrears semiannually.

In February 2021, the Company issued unsecured fixed rate senior notes with varying maturities for an aggregate principal amount of US$5.0 billion (the “2021 Senior Notes”). The 2021 Senior Notes are senior unsecured obligations that are listed on the Singapore Stock Exchange, and interest is payable in arrears semiannually.

In November 2024, the Company issued unsecured fixed rate senior notes with varying maturities, consisting of U.S. dollar-denominated notes for an aggregate principal amount of US$2.65 billion (the “2024 USD Senior Notes”) and RMB-denominated notes for an aggregate principal amount of RMB17 billion (the “2024 RMB Senior Notes”). The 2024 USD Senior Notes and 2024 RMB Senior Notes are senior unsecured obligations that are listed on the Singapore Stock Exchange and the Hong Kong Stock Exchange, respectively, and interest is payable in arrears semiannually.

The following table provides a summary of the Company’s unsecured senior notes as of March 31, 2024 and 2025:

	As of March 31,					Effective
	2024			2025		interest rate
	RMB			RMB
	(in millions)
US$2,250 million 3.600% notes due 2024		16,252			—		3.68	%
US$2,550 million 3.400% notes due 2027		18,352			18,434		3.52	%
RMB8,400 million 2.650% notes due 2028		—			8,353		2.83	%
RMB5,000 million 2.800% notes due 2029		—			4,971		2.93	%
US$1,000 million 4.875% notes due 2030		—			7,205		5.01	%
US$1,500 million 2.125% notes due 2031		10,791			10,834		2.20	%
US$700 million 4.500% notes due 2034		5,013			5,034		4.60	%
RMB2,500 million 3.100% notes due 2034		—			2,485		3.17	%
US$1,150 million 5.250% notes due 2035		—			8,268		5.35	%
US$1,000 million 4.000% notes due 2037		7,176			7,203		4.06	%
US$1,000 million 2.700% notes due 2041		7,129			7,158		2.80	%
RMB1,100 million 3.500% notes due 2044		—			1,093		3.54	%
US$1,750 million 4.200% notes due 2047		12,540			12,586		4.25	%
US$1,500 million 3.150% notes due 2051		10,757			10,796		3.19	%
US$500 million 5.625% notes due 2054		—			3,597		5.67	%
US$1,000 million 4.400% notes due 2057		7,161			7,186		4.44	%
US$1,000 million 3.250% notes due 2061		7,170			7,195		3.28	%
Carrying value		102,341			122,398
Unamortized discount and debt issuance costs		644			838
Total principal amounts of unsecured senior notes		102,985			123,236
Less: current portion of principal amounts of unsecured senior    notes		(16,261	)		—
Non-current portion of principal amounts of unsecured senior notes		86,724			123,236

22.Unsecured senior notes (Continued)

The effective interest rates for the unsecured senior notes include the interest charged on the notes as well as amortization of the debt discounts and debt issuance costs.

The unsecured senior notes contain covenants including, among others, limitation on liens, consolidation, merger and sale of the Company’s assets. As of March 31, 2025, the Company is in compliance with all these covenants. In addition, the unsecured senior notes rank senior in right of payment to all of the Company’s existing and future indebtedness expressly subordinated in right of payment to the notes and rank at least equally in right of payment with all of the Company’s existing and future unsecured unsubordinated indebtedness (subject to any priority rights pursuant to applicable law).

As of March 31, 2025, the future principal payments for the Company’s unsecured senior notes were as follows:

	Principal amounts
	RMB
	(in millions)
Within 1 year		—
Between 1 to 2 years		—
Between 2 to 3 years		18,492
Between 3 to 4 years		8,400
Between 4 to 5 years		5,000
Thereafter		91,344
		123,236

As of March 31, 2024 and 2025, the fair values of the Company’s unsecured senior notes, based on Level 2 inputs, were US$11,999 million (RMB86,719 million) and US$14,944 million (RMB108,368 million), respectively.